#1 Answer to the Housing Shortage: New Construction

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

The good news is that builders are now starting to build more homes in lower price ranges.

Builder Confidence is Up

The Housing Market Index from the National Association of Home Builders (NAHB) reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders.

“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market. Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

Builders are Meeting the Needs of Today’s Purchaser

Builders are not only jumping into the market – they are doing a better job of matching current demand. The Wall Street Journal recently reported:

“In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data.”

The WSJ article went on to say:

“Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele.”

The graph below compares 2016 to 2017 new construction sales by price point. As we can see, builders are slowly beginning to shift to prices more favorable to the first-time and non-luxury buyer.

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation.  If you are exploring the real estate market for a new build or a resale home, give me a call for more information – J.P. Cook – 602-320-4253.

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10148 E Texas Avenue Mesa, AZ 85212

$765,000

4 Beds

3.5 Baths

2,689 SqFt

Status Active

MLS # 6778540

Property Type Single Family Residence

Price Type --

This stunning Toll Brothers home, built in 2021 in the desirable Cadence Subdivision, offers a blend of modern elegance and functionality across 4 bedrooms and 3.5 baths, all highlighted by luxury vinyl plank flooring throughout. At the heart of the home is a chef-inspired kitchen with a spacious island and sleek quartz countertops, enhanced by stylish pendant lighting. A large pantry and ample cabinetry provide all the storage you need, making this kitchen both highly functional and perfect for entertaining. The primary suite serves as a tranquil retreat with a spa-like bathroom, complete with dual sinks, a walk-in closet, and a linen closet. Each bathroom throughout the home, including the ensuite bath in an additional bedroom and the main bath, features quartz countertops, ensuring a cohesive, elegant design in every space. A distinctive flex space with classic wainscoting offers versatility as either a formal dining room or library, catering to various lifestyle needs. Outdoor living is made seamless with a 20-foot sliding glass door that opens to an inviting backyard, complete with a built-in BBQ grill and fire pit, ideal for entertaining or relaxing under the Arizona sky. The laundry room is thoughtfully designed with a sink and cabinetry, providing additional convenience. This home truly embodies luxurious, modern living, ready to welcome its new owners!

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8019 N 73rd Street Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6744276

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale Jewel Box in the exclusive Santo Tomas neighborhood, surrounded by multi-million dollar estates. This fully detached 3-bedroom, 2-bath home has been extensively renovated, offering modern luxury and energy efficiency with a new A/C (2024) and solar panels. Step inside to a bright, airy kitchen featuring white cabinetry and granite countertops. The 2023 renovations include beautifully updated bathrooms, a new front gate, and a covered patio ideal for outdoor living. Throughout the home, you'll find new flooring, fresh paint, updated baseboards, ceiling fans, and added skylights that flood the space with natural light. Enjoy the convenience of a 2-car garage with an epoxy floor, built-in storage cabinets, and direct entry to the home. Additional upgrades include a new washer and dryer, a ring doorbell, a stylish new entry door, custom closet systems, elegant Cantera stone pillars, and new canned lighting. The home also features new window treatments and a tankless water heater for modern comfort.This Scottsdale gem offers the perfect blend of style, convenience, and locationready for you to make it your home!

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9759 E Satellite Drive Mesa, AZ 85212

$765,000

4 Beds

3.5 Baths

3,018 SqFt

Status Active

MLS # 6769535

Property Type Single Family Residence

Price Type --

Discover this stunning move-in-ready home! The gourmet kitchen features a large island, gas cooktop, walk-in pantry, and stylish tile backsplash. The backyard is an entertainer's dream with a cantilever patio, artificial turf, and beautiful tile—ideal for gatherings. The main floor includes an oversized den, wood-plank tile, and a four-panel sliding door! Enjoy the open layout with 9' ceilings and upgraded 8' doors for a spacious feel. Upstairs, you'll find a roomy loft and generous bedrooms with walk-in closets. The primary suite offers a large walk-in shower and ample closet space. This home also features permanent holiday lights controllable via a phone app. Located in the sought-after Eastmark community, it's a short distance to schools, a fishing pond, and numerous amenities like a pool, splash pads, rec center, local farm, and the Handlebar Diner. Plus, there's quick freeway access!

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1513 E Solano Drive Phoenix, AZ 85014

$765,000

3 Beds

2 Baths

2,190 SqFt

Status Active

MLS # 6782400

Property Type Townhouse

Price Type --

A rare oversized patio home, tastefully remodeled and feels more like a custom residence in a quiet cul-de-sac, thanks to its expansive grassy lot. This thoughtfully upgraded home features new synthetic stucco on the front, back walls, and back patio, along with a fresh landscaping overhaul, including a travertine walkway framed by lush plantings. With a brand-new roof installed in 2024, this home is designed for longevity. Step inside to a grand entryway with soaring 15-foot ceilings and elegant plank flooring that extends through the entry, kitchen, dining room, and office. The refreshed kitchen boasts quartz countertops, custom cabinetry, and stainless-steel appliances. Natural light flows through dual-pane windows, illuminating every space. Outside, the idyllic backyard invites you to relax or entertain under a large, covered patio. A block wall wraps around the yard, creating a private oasis with ample grass and lots of room. Located in the desirable Estate Questa Verde community, this home offers both tranquility and proximity to local dining and amenities.

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6856 N 12th Way Phoenix, AZ 85014

$765,000

4 Beds

2 Baths

3,016 SqFt

Status Active

MLS # 6728947

Property Type Single Family Residence

Price Type --

Incredible 3015 sq ft home in Midtown! All 4 Bedrms are spacious! MstBdRm is very large w/french doors leading out to private patio, extremely Lrg walk-in closet w/built-ins, MstBth has double sinks, Granite & Tiled Shower w/Jetspa tub. Open Great Rm concept that will dazzle the senses! Raised Hearth Gas FP, Oversized Tile thru-out the Home! (Carpet in BedRms only). Very Lrg Kitchen w/tons of cabinets, pot drawers, Lrg island w/wine rack & storage. Granite counters w/undermount KOHLER double sink. SS appliances! LRG walk-in Pantry and LRG laundry Rm w/built-in KOHLER utility sink & Granite counters. White Plantation shutters in BedRms, Ceiling fans, 2 New A/C units 2022, New Roof 2021, Wide plank baseboards thru-out, ''Click on MORE''... Solar Light tube skylite in Living Rm. Split Floor Plan, Recess Lighting thru out, and Tons of Storage closets thru-out! Entire home has been updated with Dual Pane windows! Guest BthRm was just renovated to add stunning Italian Tile & New BthTub. Back yard is Park Like with Mature Landscaping & winding sidewalks, Large Wood Burning Stone Fireplace, Exterior lighting, Ceiling fan added to covered back patio, two storage sheds! Double RV Gate lead to additional tandem parking. Garage has one full wall of built-in Cabinets & Epoxy flooring. New HotWater Heater added 2024! House is nestled in close to LUCI's at the Orchard, Sprouts, Biltmore shopping, tons o dining choices and quick access to Az-51. Highly rated Maddison School district is a Plus!

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1067 E Seminole Drive Phoenix, AZ 85022

$765,000

3 Beds

2.5 Baths

2,972 SqFt

Status Active Under Contract

MLS # 6734387

Property Type Single Family Residence

Price Type --

Nestled near the base of the Lookout Mountain Preserve this home features 3 beds/2.5 baths plus an office/den bonus room and is everything you've been looking for! Upon entry you are greeted by a sizable formal family room that is filled with natural light, enhanced by soaring ceilings, and a formal dining space with brand new wood floors. As you make your way to the heart of the home, you will find an open concept kitchen featuring granite countertops, stainless steel appliances, a separate beverage fridge and an extended island with barstool seating for five. The kitchen seamlessly flows into the cozy family room, equipped with a fireplace and french doors that open up to your backyard oasis. Step outside to your covered patio, lush mature landscaping, built-in grill, a pergola great for alfresco dining, and a putting green. This private retreat is designed to be enjoyed! Upstairs, you'll find a spacious primary suite that boasts its own cozy fireplace and private balcony. The primary ensuite features a generous walk-in closet, jacuzzi tub, separate walk-in shower and a double vanity with granite countertops providing ample storage. Also upstairs you will find a flexible bonus room that can serve as a den or office as well as two additional spacious guest bedrooms filled with natural light and a guest bathroom featuring double vanities, granite countertops, a walk-in shower and sleek finishes. From the home's remarkable features, to the convenient access to the best that Moon Valley has to offer, this home is a can't-miss!

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18280 W Thistle Landing Drive Goodyear, AZ 85338

$765,000

3 Beds

2.5 Baths

3,192 SqFt

Status Active

MLS # 6746800

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained and nicely upgraded home located in the desirable Master master-planned community of Estrella. This beautiful property offers a large oversized deep lot, amazing mountain views, and a peaceful and quiet neighborhood. There is no shortage of space to entertain family or friends. The expansive recently remodeled kitchen offers maple staggered cabinets, quartz counters, a modern tiled backsplash, GE Monogram appliances, and a huge walk-in pantry. The kitchen is open to the family room and breakfast/dining room, allowing plenty of space for guests to mingle and hang out. The backyard is perfect for experiencing Arizona living at its best with the heated pool and spa, large covered patio, fireplace, and raised paver seating area. The mountain views from the backyard are breathtaking as the sun rises in the east in the mornings. Plus, there is ample room to add a putting green or other outdoor entertainment space in the backyard if desired. The primary en-suite is split from the other 2 bedrooms and offers a large en-suite with fully tiled shower, deep soaker tub and double vanities. The home offers a formal living room, but if that is not preferred, the room can easily accommodate a pool table for game nights. The Community of Estrella is amazing, with mountain views galore, 2 lakes, numerous parks, two resident centers, community pools, a splash park, hiking/biking trails, restaurants, shopping, and top-rated schools!

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4214 N 35th Place Phoenix, AZ 85018

$765,000

3 Beds

2 Baths

1,365 SqFt

Status Active Under Contract

MLS # 6776791

Property Type Single Family Residence

Price Type --

Turn key Arcadia Lite gem! Great opportunity to get into neighborhood. Spacious 3 bed/2bath Single family home. Situated in one of the valley's highly sought after locations. Walking distance to LGO & Postino's. Expansive front patio with flagstone, lattice cover, and pony block wall for added privacy. Open kitchen with newly added center island. Stainless appliances, granite counters, and subway tiled backsplash. Recessed can lighting & crown molding. Wood floors. Wood brining fireplace w/bookshelf built-ins. French doors to 3rd bedroom or potential living room. Updated hall bath features subway tile surround at tub and wainscoting. Primary suite has oversized bath with subway tilled walk-in shower and walk-in closet. Newly added play pool in 2023. Owner spent over 65k for pool- -and backyard landscape. Travertine pavers at rear covered patio/pool decking. Oversized interior laundry w/deco tile flooring.

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18600 E Hierro Circle Rio Verde, AZ 85263

$765,000

3 Beds

3 Baths

2,705 SqFt

Status Active

MLS # 6772729

Property Type Single Family Residence

Price Type --

Popular Espana floorplan 2705 sq. ft. Split floorplan with 3 bedrooms, 3 bathrooms, great room, kitchen with island. Formal and casual dining. 3rd bedroom can serve as a den or office. Wrap around patio, bbq, spacious backyard. Room for a pool. 2 car plus golf cart garage. Located on a quiet cul-de-sac on Hole #2 of the Peaks GC.

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21165 E Thornton Road Queen Creek, AZ 85142

$765,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6723497

Property Type Single Family Residence

Price Type --

WOW!!! $5,000 in seller concessions! This beautiful one year old, single-story Taylor Morrison Home is over 3,000 SF w/ 4 bedrooms, den, 3 baths, and a 3-car tandem garage. Great location on a huge lot! The open gathering room and casual dining flow seamlessly into the kitchen with granite, upgraded cabinets, large island and walk-in pantry. Enjoy entertaining in the formal dining room or outside on the covered travertine patio. A bedroom and full bath off the foyer is perfect for overnight guests. The spacious owner's suite overlooks the backyard and features a spa-inspired bath and large walk-in closet. The oversized sliding glass door takes you to the large backyard with no neighbors behind, grass yard, paver walk, garden boxes, RV gate and more. This is one you don't want to miss.

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1913 E Appaloosa Road Gilbert, AZ 85296

$765,000

5 Beds

3 Baths

3,331 SqFt

Status Active

MLS # 6770373

Property Type Single Family Residence

Price Type --

Gorgeous, well maintained 5 bedroom, 3 bathroom home with heated pebble tec pool! This tri-level home has so many upgrades! Kitchen has granite countertops, large island/bar area & upgraded appliances including fridge! Separate living & family rooms! Fireplace! Primary bath has double sinks, separate shower/tub & large walk in closet! Resort style backyard with refreshing pool, outdoor kitchen, built in BBQ & ramada/ bar area, as well as low maintenance artificial lawn! Vaulted ceilings! Plantation shutters! Whole house Kinetico water treatment system! Newer tankless water heater! Carpet was replaced only 2 years ago! 3 car garage! Newer upgraded toilets throughout! Split floor plan! Located in the heart of Gilbert - enjoy Gilbert Schools, San Tan Village shopping nearby & more!

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9028 N 107th Place Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

2,093 SqFt

Status Active Under Contract

MLS # 6685119

Property Type Single Family Residence

Price Type --

A beautiful canvas to make your own! 3 Bedrooms and 2 full bathrooms, each bathroom has duel vanity sinks. There is a separate walk-in laundry room. Massive vaulted ceilings, desert oasis out back with a glistening royal blue pool, backyard has lots of potential to add to (mini golf, turf etc) is currently xeriscaped. Seller to offer a one year home warranty to home buyer. UPDATE* Brand new AC unit has been installed 8/23

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